CVC Capital Partners, a private equity firm which is revamping offices and preparing about $17 billion (12.5 billion) in new funds, has hired a seasoned executive who led rival Doughty Hanson’s efforts to list a fund, before it was pulled as investor sentiment turned sour, Financial News reports.
Luxembourg-based CVC appointed Fred Watt, who was chief financial officer of Royal Bank of Scotland until 2006, as its new chief operating officer.
Watt will be a member of CVC’s group management committee. However, the company said he would not help the firm try raising a listed vehicle.
Michael Smith, chairman of CVC, said Watt’s appointment came against a backdrop of rapid growth, convergence of public and private equity markets and calls for greater transparency over issues such as levels of debt used to make investments, and tax paid by private equity executives.